Using a representative sample of credit card holders from a Chinese commercial bank with a 10% credit card market share, we investigate how consumers respond to an unexpected interest rate decrease that automatically reduces interest expenses for all mortgagors in the country and thereby...

This paper studies the incentive costs of housing booms. We use the type and actual time stamps of 9.3 million credit card transactions by over 200,000 cardholders from a large commercial bank to detect non-work-related behavior during work hours. After positive shocks to house prices, employees...

Using transaction-level credit card spending from a leading Chinese commercial bank, we show that consumers reduce their consumption by 34% immediately after the publicity of penalties on a firm. The same consumers do not reduce consumption of non-punished firms, nor do consumers who do not have...

Using transaction-level credit card spending from a leading Chinese commercial bank, we show that consumers prefer firms with higher Environmental, Social and Governance (ESG) profiles. Specifically, we show that consumers increase their consumption by 4.9 percentage points as the ESG rating...